According to Finbold, Dogecoin (DOGE), the original meme coin, has experienced a notable year in 2024. Despite spending much of the year trading flatly or in a slight downtrend, the cryptocurrency saw a significant price increase following the broader market rally that began in November. This surge is not unique to Dogecoin, as many leading cryptocurrencies have also benefited from the bull market. However, Dogecoin has an added advantage due to Elon Musk's long-term support and his recent appointment to the Department of Government Efficiency.
By late November, Dogecoin was trading around $0.4188, though it has since decreased to $0.4078, resulting in a year-to-date return of 195.71%. Some analysts, such as the pseudonymous Trader Tardigrade, believe that the bull run is just beginning. Dogecoin's performance has been impressive compared to Bitcoin (BTC), as noted by crypto expert Ali Martinez. Analysts remain optimistic, with recent analysis highlighting the volume of high-value traders supporting this view. Over the past 24 hours, Dogecoin whales have purchased $160 million worth of the coin, according to a chart shared by Ali Martinez on December 13.
Additionally, data from the crypto behavior analysis platform Santiment indicates a decline in the mean dollar invested age for DOGE. This suggests that older, stagnant wallets, particularly those with large holdings, are reintroducing their coins into circulation at a faster rate. Although DOGE's price has declined by 4.37% over the past thirty days, this consolidation period mirrors the cryptocurrency's price action from 2021. If these patterns continue, Dogecoin could see an 85% increase from current prices, potentially reaching $0.75443 by January 2025, according to Martinez.
As the leading meme coin and the seventh-largest cryptocurrency globally, Dogecoin holds inherent advantages over its competitors. Musk's ongoing advocacy for the asset is expected to become a more significant bullish catalyst, especially as Donald Trump's presidency begins. Furthermore, Trader Tardigrade identified a bull flag pattern on December 13, suggesting that if this pattern holds, DOGE prices could soar to $2.15. Regardless, Dogecoin appears poised for a renewed rally, with the primary question being how high its price will climb.
